Works with iphone 4 and 5 (using 30-pins to lightning adapter). Enables steering wheels commands, playlists, song names (even using the adapter). I'm not sure about the album arts as I used it in my 2010 E82 that didn't have iDrive.
Used it for about 1.5 year with the iPhone 4 and then 1.5 year with the iPhone 5 and the cable adapter in my daily (thought I didn't connect the phone every day), so it shows a little bit its age with a slightly bent connector (gotta be honest
) other than that it actually looks remarkably good, and most importantly works fine, as I used it to listen to looseless audio files in the car. This is not some Chinese knock-off from ebay, it's the actual OEM part that came with the car (and somehow forgot to be returned with it...)
For people with pre-combo box cars that want to add bluetooth to their car, this thread explains how to combine the y-cable with a third party device to do so:
PSA: If you have a pre-combox M3 and want bluetooth audio...
Y-Adapter Cable for iphone
61120440796
MSRP: $94.12
Asking Price: $15 + shipping